What’s Happening in the Twin Cities Market?
Our median sale price has continued to rise and currently sits 10% above its previous peak. Here’s what else you need to know about our current market.
It’s time for another update on the Twin Cities real estate market. First, we have some very exciting news. Looking back, the previous peak of our market was in 2006 and 2007. During that time, the median sale price was right around $240,000. Now, as we fast forward, we’ve exceeded that peak and are currently around 10% above where this previous peak was. Our current median sale price is around $260,000.
This median sale price is up because inventory is down and demand is up. It feels like we’ve been talking about this for a while now, and it has continued into this year. However, there is one thing that we’re starting to see change a little bit. Pending sales are starting to slow. We’re still in a pretty strong seller’s market, but those pending sales numbers are declining a little bit more than usual.
This gives us an indication that we might be seeing some changes in the real estate market. We might be moving into a market that's leveling out a little bit. We’ll keep tabs on it and make sure to give you another update when things change further.
If you have any questions for us about the market or about real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.